Be the Buffalo
You might be wondering why we chose a buffalo to represent Scholar Raise. It’s not what you’d expect; the buffalo has not been shown to have a superior learning ability when compared to other animals (that we know of), and we’re pretty sure they aren’t financially literate, considering money is a concept beyond their grasp. What does make a buffalo so special though, is how it chooses to weather the storm.
There is a story about how cows and buffalo respond differently to storms in Colorado - one of the few places where buffalo and cows live in close proximity to one another.
When a storm would roll in to the great Kansas plains, the cows would instinctively turn and try to outrun the storm. Sadly for the less than speedy cows, the storm would soon catch up to them, resulting in the cows running along with the storm - increasing the amount of time and effort they would spend in the storm. I’m sure that’s not what they had in mind.
Buffalo, on the other hand, saw the storm coming and decided to tackle it head-on, running towards the storm. By accepting the fact that they were inevitably going to have to deal with the storm and running straight through it, they quickly ended up behind it - minimizing the time spent in the storm and the effort required to tackle it.
At Scholar Raise, that’s how we like to tackle our college savings: head-on; working smarter earlier, as opposed to harder later. By understanding that the proverbial storm (dreaded college expenses) is inevitably going to hit us, we decided to tackle it early, running towards it with smaller, incremental deposits into a 529 savings plan - and getting some help from our herd along the way.
If buffalo were to save for college, they would start early and allow that money to grow in a tax-free savings plan, drastically offsetting the cost of tuition when the time comes to go to college. Cows? Well, they’d probably be paying off student loans well into their retirement.
Moral of the story? Be the buffalo.